ONLY the irredeemably romantic could fail to recognise the marketing astuteness behind the Royal Bank of Scotland's decision to issue a special £5 note in honour of Jack Nicklaus.So the Royal will be issuing money, but stuff that will immediately be removed from circulation by the public. I'll be going to St Andrews on Friday and shall do my bit to reduce the nation's money supply. Could we extend this idea? How about Tony Blair one pound notes issued on perforated toilet paper?
This mild cynicism over the commercial aspect of the exercise is not, however, sufficiently distracting to obscure the fact that it is an extraordinary form of acknowledgment of a colossal talent. Even George Washington managed only the one-dollar bill.
The Edinburgh-based bank, now an institution of global renown, will put two million of the special fivers into circulation from tomorrow, the first day of the celebrated Nicklaus's last major championship. They will undoubtedly disappear from the streets with the suddenness of urchins sensing an approaching copper, RBS having achieved a priceless level of publicity it doesn't even have to buy.
Wednesday, 13 July 2005
Royal Bank fights inflation
Whereas the Bank of England looks likely to continue its War on Savers by cutting interest rates shortly, the Royal Bank of Scotland is doing its bit to fight inflation: